Bank of America - Creative Destruction makes a company lean and mean, but it's no fun after a while. | Glassdoor
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There are newer employer reviews for Bank of America

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Helpful (2)

"Creative Destruction makes a company lean and mean, but it's no fun after a while."

StarStarStarStarStar
  • Work/Life Balance
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Current Employee - Senior Vice President in New York, NY
Current Employee - Senior Vice President in New York, NY
Recommends
Approves of CEO

Pros

BofA is a large and stable bank that will survive this credit crisis.

Cons

Limited opportunities for advancement, mostly due to what is happening in the industry. BofA has succeeded via a growth-trough-acquisition strategy. The downside for associates is that every acquisition includes restructuring and layoffs. The Merrill merger alone will cost 30k-35k jobs.

Advice to Management

Enough with the acquisitions already! Sometimes I think you do this to stroke your egos. Bye the way, growth through acquisition is not a sure thing. Just look how well it went for Sandy Weill when he built up Citi.

Other Employee Reviews for Bank of America

  1. "Seniors only"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Vice President in Charlotte, NC
    Former Employee - Vice President in Charlotte, NC
    Recommends
    Approves of CEO

    Pros

    For a senior person with a lot of mojo and interest in working on a variety of efforts with little/no management, I'd highly recommend it; good benefits. Communication from senior management is excellent when it comes to bank performance, industry issues and the competition. They really go above and beyond to keep their associates well informed of these areas. In terms of career opportunities, I'd again recommend a senior person apply rather than a junior person - someone who has a vision for what they want to accomplish it and the drive to accomplish. You could otherwise get lost in a 300K+ associate organization.

    Cons

    I would not recommend for those who are not very senior; junior folks I suspect would feel lost due to lack of onboarding. The organization is extremely large as you would imagine and therefore extremely complex. I have found work/life balance, despite the reports by working mother on this organization to be lacking and not well supported by management. I have also found compensation to be a little less than the industry average. I have found that employee morale is also lacking for many of the reasons I have mentioned above: lack of crosstraining, onboarding, knowledge transfer, and work/life balance.

    Advice to Management

    Improve the onboarding experience


  2. Helpful (2)

    "Bank of America is not a bank of opportunity....."

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Vice President in Charlotte, NC
    Former Employee - Vice President in Charlotte, NC
    Doesn't Recommend
    Disapproves of CEO

    Pros

    The company has a great benefits package and compensation base structure. The size of the company allows for company perks such as the discount program which is awesome. If you get in the right cliche you can advance rapidly with little effort.

    Cons

    The company is suffering from corporate inbreeding and poor management. The opportunities internally are offered to the "in" crowd which often results in associates filling roles they are unprepared to fill. Their incompetence filters down into a massive tangle of red tape as you try to secure approvals and obtain decisions. The leadership feels unprepared to make major decisions that may topple their "in" crowd advantage which often leaves a subordinate to go it alone. If the decision is bad (due to lack of information or an inappropriate level forced to make a decision) you can bet the associate will be downsized next round. Bank of America is very political and back-stabbers run deep through every level of the organization.

    Advice to Management

    If you are going to pitch diversity you must honor the opinions and experiences of your associates. You cannot continue to reward only those who can nod and say "yes". Sometimes the best direction for the company comes from the guy who stands up and says "No. There is a better way" Even if it isn't the "Bank of America" way.

There are newer employer reviews for Bank of America
There are newer employer reviews for Bank of America

See Most Recent

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